Location: Worcester, MA | Metro: Worcester, MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,530 |
| 1 Bedroom | $1,540 |
| 2 Bedrooms | $1,980 |
| 3 Bedrooms | $2,480 |
| 4 Bedrooms | $2,830 |
| 5 Bedrooms | $3,283 |
| 6 Bedrooms | $3,677 |
| 7 Bedrooms | $3,971 |
| 8 Bedrooms | $4,170 |
The analysis of ZIP code 01655 within the Worcester, MA HUD Metro Fair Market Rent (FMR) area reveals several key points for landlords and small-portfolio investors.
Firstly, regarding whether the rent math works, the FMR for the area is set at $1620 for fiscal year 2024. However, without specific data on the current market rent, it's challenging to provide a direct comparison. The FMR serves as a benchmark for what is considered a fair rent amount for the area, but actual market conditions could vary.
Secondly, the affordability of acquisition in ZIP 01655 cannot be fully assessed due to missing data on the median home value, days on market (DOM), and the percentage of homes that have been subject to price cuts. These figures are crucial for understanding how competitive the market is and what kind of discounts might be available when acquiring properties.
Thirdly, tenant demand in ZIP 01655 is also difficult to gauge without knowing the exact population and the percentage of renters in the area. These statistics would help determine if there is a sufficient pool of potential tenants and their willingness to pay rent based on the local housing dynamics.
In summary, while the FMR provides a baseline for rental income at $1620 per month, the lack of specific data on market rent, median home values, days on market, the percentage of homes with price cuts, and tenant demographics means that a comprehensive assessment of the investment viability in ZIP 01655 is currently incomplete. Landlords and investors should seek additional, up-to-date local real estate data to make informed decisions about the potential returns and risks associated with this area.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.